Pagaya Technologies (NASDAQ:PGY) Stock Price Up 6.2% – What’s Next?

Shares of Pagaya Technologies Ltd. (NASDAQ:PGY) were up 6.2% during mid-day trading on Thursday . The company traded as high as $11.72 and last traded at $11.64. Approximately 337,808 shares changed hands during trading, a decline of 73% from the average daily volume of 1,259,002 shares. The stock had previously closed at $10.96.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Wedbush reissued a “neutral” rating and issued a $13.00 price target on shares of Pagaya Technologies in a report on Monday, August 12th. Canaccord Genuity Group decreased their target price on shares of Pagaya Technologies from $42.00 to $32.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Benchmark reaffirmed a “buy” rating and set a $21.00 price target on shares of Pagaya Technologies in a research note on Wednesday, October 16th. B. Riley reduced their price objective on shares of Pagaya Technologies from $48.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Finally, JMP Securities restated a “market outperform” rating and set a $25.00 target price on shares of Pagaya Technologies in a research report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.89.

Pagaya Technologies Stock Performance

The company has a current ratio of 1.50, a quick ratio of 1.50 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $810.39 million, a price-to-earnings ratio of -8.21 and a beta of 6.36. The stock’s 50 day moving average is $11.95 and its 200 day moving average is $12.12.

Pagaya Technologies (NASDAQ:PGY) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.11). Pagaya Technologies had a negative return on equity of 3.10% and a negative net margin of 14.58%. The company had revenue of $250.34 million for the quarter, compared to analyst estimates of $239.16 million. On average, analysts predict that Pagaya Technologies Ltd. will post -0.15 earnings per share for the current year.

Insider Activity at Pagaya Technologies

In other Pagaya Technologies news, CFO Evangelos Perros sold 24,171 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $13.55, for a total transaction of $327,517.05. Following the sale, the chief financial officer now directly owns 23,791 shares of the company’s stock, valued at $322,368.05. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Evangelos Perros sold 24,171 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $13.55, for a total transaction of $327,517.05. Following the sale, the chief financial officer now owns 23,791 shares in the company, valued at $322,368.05. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Sanjiv Das sold 10,683 shares of the company’s stock in a transaction on Thursday, October 17th. The shares were sold at an average price of $11.77, for a total value of $125,738.91. Following the completion of the transaction, the president now owns 64,794 shares of the company’s stock, valued at $762,625.38. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,275 shares of company stock valued at $940,334 over the last quarter. Insiders own 19.70% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PGY. Cubist Systematic Strategies LLC increased its holdings in shares of Pagaya Technologies by 50.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 43,813 shares of the company’s stock worth $559,000 after buying an additional 14,629 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Pagaya Technologies during the second quarter valued at about $187,000. Millennium Management LLC increased its stake in Pagaya Technologies by 455.9% during the second quarter. Millennium Management LLC now owns 218,549 shares of the company’s stock worth $2,789,000 after acquiring an additional 179,235 shares during the last quarter. Yarra Square Partners LP raised its holdings in shares of Pagaya Technologies by 29.9% in the 2nd quarter. Yarra Square Partners LP now owns 619,345 shares of the company’s stock worth $7,903,000 after purchasing an additional 142,500 shares during the period. Finally, Divisadero Street Capital Management LP acquired a new position in shares of Pagaya Technologies in the 2nd quarter valued at about $2,273,000. 57.14% of the stock is currently owned by hedge funds and other institutional investors.

Pagaya Technologies Company Profile

Pagaya Technologies Ltd., a product-focused technology company, deploys data science and proprietary artificial intelligence-powered technology for financial institutions and investors in the United States, Israel, the Cayman Islands, and internationally. The company develops and implements proprietary artificial intelligence technology and related software solutions to assist partners to originate loans and other assets.